Western Midstream Partners (WES)


Market Price (7/22/2026): $46.66 | Market Cap: $18.6 BilSector: Energy | Industry: Oil & Gas Storage & Transportation

Western Midstream Partners (WES)


Market Price (7/22/2026): $46.66
Market Cap: $18.6 Bil
Sector: Energy
Industry: Oil & Gas Storage & Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 8.0%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 2.2 Bil

Low stock price volatility
Vol 12M is 19%

Megatrend and thematic drivers
Megatrends include US Energy Independence, and Water Infrastructure. Themes include US LNG, US Oilfield Technologies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -11%

Key risks
WES key risks include [1] significant concentration risk with the Delaware Basin and its primary counterparty, Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 12%, FCF Yield is 8.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%, CFO LTM is 2.2 Bil
2 Low stock price volatility
Vol 12M is 19%
3 Megatrend and thematic drivers
Megatrends include US Energy Independence, and Water Infrastructure. Themes include US LNG, US Oilfield Technologies, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -11%
5 Key risks
WES key risks include [1] significant concentration risk with the Delaware Basin and its primary counterparty, Show more.

WES in ETFs

Weight = WES's share of each fund

DFAS0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

Western Midstream Partners (WES) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat.

Western Midstream Partners reported robust financial results for its fiscal Q1 2026, announced on May 6, 2026. The company posted an Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus analyst estimate of $0.74 by $0.11. Concurrently, quarterly revenue increased 22.5% year-over-year, reaching $1.12 billion, which also exceeded analysts' expectations of $1.01 billion.

2. Consistent and Attractive Quarterly Distributions.

The company maintained investor confidence through its consistent distribution policy, declaring a quarterly cash distribution of $0.93 per unit for fiscal Q2 2026, which remained in line with the previous quarter. This steady payout, representing an attractive annualized yield of approximately 8.5% at the time, underscored the company's commitment to returning value to unitholders and aligned with the broader midstream energy sector's trend of sustained payout growth into fiscal Q2 2026.

Show more
Updated on 7/1/2026

Western Midstream Partners (WES) stock has gained about 5% since 3/31/2026 because of the following key factors:

1. Strong Fiscal Q1 2026 Earnings Beat.

Western Midstream Partners reported robust financial results for its fiscal Q1 2026, announced on May 6, 2026. The company posted an Earnings Per Share (EPS) of $0.85, significantly surpassing the consensus analyst estimate of $0.74 by $0.11. Concurrently, quarterly revenue increased 22.5% year-over-year, reaching $1.12 billion, which also exceeded analysts' expectations of $1.01 billion.

2. Consistent and Attractive Quarterly Distributions.

The company maintained investor confidence through its consistent distribution policy, declaring a quarterly cash distribution of $0.93 per unit for fiscal Q2 2026, which remained in line with the previous quarter. This steady payout, representing an attractive annualized yield of approximately 8.5% at the time, underscored the company's commitment to returning value to unitholders and aligned with the broader midstream energy sector's trend of sustained payout growth into fiscal Q2 2026.

3. Strategic Operational Expansions and Acquisitions.

Western Midstream executed key strategic initiatives aimed at strengthening its asset base and operational capabilities. This included the acquisition of Brazos Delaware, which was finalized on June 11, 2026, thereby enhancing its processing capacity. Additionally, the company commenced operations at its second produced-water treatment facility in the Permian Basin on June 17, 2026, further solidifying its infrastructure in crucial production regions.

4. Resilience of the Midstream Sector Amidst Broader Energy Market Volatility.

Despite significant fluctuations in crude oil prices and the broader energy sector's underperformance in fiscal Q2 2026, the midstream segment demonstrated resilience. Western Midstream, with its predominantly fee-based business model, exhibited insulation from direct commodity price volatility. Furthermore, a constructive outlook for oil, natural gas, and natural gas liquids (NGLs) production into 2027, driven by surging liquefied natural gas (LNG) export demand and increased power generation needs, contributed to positive sentiment within the sector.

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Stock Movement Drivers

Fundamental Drivers

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Market Drivers

3/31/2026 to 7/21/2026
ReturnCorrelation
WES4.6% 
Market (SPY)15.1%-13.9%
Sector (XLE)-4.5%60.3%

Fundamental Drivers

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Market Drivers

12/31/2025 to 7/21/2026
ReturnCorrelation
WES11.5% 
Market (SPY)10.0%3.4%
Sector (XLE)31.7%41.3%

Fundamental Drivers

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Market Drivers

6/30/2025 to 7/21/2026
ReturnCorrelation
WES19.2% 
Market (SPY)22.1%12.3%
Sector (XLE)41.2%45.7%

Fundamental Drivers

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Market Drivers

6/30/2023 to 7/21/2026
ReturnCorrelation
WES107.7% 
Market (SPY)74.8%36.8%
Sector (XLE)57.5%51.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
WES Return72%29%19%44%13%12%380%
Peers Return57%32%18%64%-0%27%406%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
WES Win Rate75%50%67%58%75%60% 
Peers Win Rate75%63%60%77%50%73% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
WES Max Drawdown-21%-24%-14%-13%-17%-9% 
Peers Max Drawdown-18%-24%-12%-12%-26%-8% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ET, TRGP, MPLX, OKE, KMI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)

How Low Can It Go

EventWESS&P 500
2025 US Tariff Shock
  % Loss-15.4%-18.8%
  % Gain to Breakeven18.2%23.1%
  Time to Breakeven100 days79 days
2023 SVB Regional Banking Crisis
  % Loss-13.3%-6.7%
  % Gain to Breakeven15.3%7.1%
  Time to Breakeven120 days31 days
2020 COVID-19 Crash
  % Loss-80.5%-33.7%
  % Gain to Breakeven412.0%50.9%
  Time to Breakeven236 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-12.9%-19.2%
  % Gain to Breakeven14.8%23.8%
  Time to Breakeven15 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-61.2%-12.2%
  % Gain to Breakeven158.0%13.9%
  Time to Breakeven2720 days62 days
2014-2016 Oil Price Collapse
  % Loss-64.0%-6.8%
  % Gain to Breakeven177.8%7.3%
  Time to Breakeven2848 days15 days

Compare to ET, TRGP, MPLX, OKE, KMI

In The Past

Western Midstream Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventWESS&P 500
2020 COVID-19 Crash
  % Loss-80.5%-33.7%
  % Gain to Breakeven412.0%50.9%
  Time to Breakeven236 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-61.2%-12.2%
  % Gain to Breakeven158.0%13.9%
  Time to Breakeven2720 days62 days
2014-2016 Oil Price Collapse
  % Loss-64.0%-6.8%
  % Gain to Breakeven177.8%7.3%
  Time to Breakeven2848 days15 days
2008-2009 Global Financial Crisis
  % Loss-35.2%-53.4%
  % Gain to Breakeven54.4%114.4%
  Time to Breakeven207 days1085 days

Compare to ET, TRGP, MPLX, OKE, KMI

In The Past

Western Midstream Partners's stock fell -15.4% during the 2025 US Tariff Shock. Such a loss loss requires a 18.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Western Midstream Partners (WES)

Western Midstream Partners (WES) is a midstream energy company primarily operating across significant production basins in the United States. As a vital link in the energy supply chain, WES develops, owns, and operates critical infrastructure that facilitates the movement and preparation of natural gas, crude oil, and natural gas liquids (NGLs) from production sites to market destinations.

The company's main services encompass gathering, compressing, treating, and processing natural gas. It also specializes in gathering, stabilizing, and transporting crude oil, NGLs, and condensate. Additionally, WES provides services for gathering and disposing of produced water, a common byproduct of energy extraction. Beyond these infrastructure and logistics services, Western Midstream Partners also actively buys and sells natural gas, NGLs, and condensate.

WES primarily serves upstream oil and gas producers in its key operating regions, which include Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. By offering comprehensive midstream solutions, Western Midstream Partners enables these producers to efficiently and safely transport their raw energy products and manage their operational waste, connecting them to broader energy markets.

AI Analysis | Feedback

Here are a few analogies for Western Midstream Partners (WES):

  • Like the interstate highway system for oil and natural gas.
  • Similar to UPS or FedEx, but they transport and process crude oil and natural gas instead of packages.

AI Analysis | Feedback

  • Natural Gas Midstream Services: Provides infrastructure and operations for gathering, compressing, treating, processing, and transporting natural gas.
  • Crude Oil and NGL Midstream Services: Offers services for gathering, stabilizing, and transporting crude oil, natural gas liquids (NGLs), and condensate.
  • Produced Water Management: Manages the gathering and disposal of produced water from energy operations.
  • Natural Gas Trading: Buys and sells natural gas.
  • Natural Gas Liquids (NGLs) Trading: Buys and sells natural gas liquids.
  • Condensate Trading: Buys and sells condensate.

AI Analysis | Feedback

Western Midstream Partners (WES) primarily sells its services and products to other companies, specifically upstream oil and gas producers. Based on their public filings, their major customer is:

  • Occidental Petroleum Corporation (OXY)

Occidental Petroleum Corporation has historically accounted for a significant portion of Western Midstream Partners' consolidated revenues, highlighting its role as a key customer.

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Western Midstream Partners' major suppliers include:

  • Occidental Petroleum Corporation (Symbol: OXY)

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Oscar K. Brown – President and Chief Executive Officer

Oscar Brown was appointed President and Chief Executive Officer of Western Midstream Partners in October 2024. He has served as a director on the general partner's board since August 2019 and was Chairman of the ESG committee. Before his current role, Mr. Brown was the Chief Financial Officer of FREYR Battery from April 2022 until June 2024. He also held an executive position at Occidental Petroleum from 2016 to 2020 and served on the board of directors for Plains All-American Pipeline's governing entity from 2017 to 2019. Mr. Brown brings over 25 years of energy and industrial banking experience, having worked as a managing director and co-head of Americas Energy Investment Banking at Bank of America Merrill Lynch, and in roles at Barclays Capital, Lehman Brothers, Credit Suisse First Boston, and PNC Bank.

Kristen S. Shults – Senior Vice President and Chief Financial Officer

Kristen Shults has served as Senior Vice President and Chief Financial Officer for Western Midstream since May 2022. She joined Western Midstream in November 2019 as Vice President, Investor Relations and Communications, and later served as Senior Vice President, Finance and Communications. Ms. Shults possesses over 10 years of experience in the oil and gas industry. Prior to joining Western Midstream, she held various positions of increasing responsibility within Anadarko Petroleum Corporation's tax organization, including Director of Tax Compliance and Reporting and Worldwide Tax Manager. She began her career in the tax practice of Ernst & Young, LLP.

Danny Holderman – Senior Vice President and Chief Operating Officer

Danny Holderman has served as Senior Vice President and Chief Operating Officer for Western Midstream since August 2024, overseeing operations, engineering, and Health, Safety, Environment and Security functions. Before this, he was Senior Vice President, South Operations, of the general partner of Western Midstream Partners, LP since October 2022. His experience also includes serving as Occidental's Director, Delaware Basin Asset, starting in 2018. He joined Occidental in late 2013, holding various engineering and operations leadership roles, and previously worked in engineering, upstream operations, and commercial roles with ExxonMobil.

Christopher B. Dial – Senior Vice President, General Counsel and Secretary

Christopher B. Dial serves as Senior Vice President, General Counsel and Secretary for Western Midstream.

Catherine A. Green – Senior Vice President and Chief Accounting Officer

Catherine A. Green holds the position of Senior Vice President and Chief Accounting Officer at Western Midstream.

AI Analysis | Feedback

The key risks to Western Midstream Partners (WES) primarily stem from its reliance on the broader energy market and the inherent operational and regulatory complexities of the midstream sector.

  1. Decline in Upstream Activity and Producer Volumes: Western Midstream's infrastructure and revenue generation are heavily dependent on the drilling and production activities of oil and natural gas producers in the basins where it operates. Should there be a prolonged period of low commodity prices (oil or natural gas), producers may reduce their drilling and completion activities, leading to lower throughput volumes for WES's gathering, processing, and transportation systems. Even with fee-based contracts, a significant and sustained decline in volumes from its upstream customers directly impacts the company's financial performance.
  2. Regulatory, Environmental, and Legal Risks: As a midstream energy company, WES faces substantial regulatory and environmental scrutiny. This includes risks associated with changing environmental regulations, potential delays or denials in obtaining necessary permits for new projects or existing operations, and ensuring compliance with a myriad of safety and environmental standards. Evolving carbon regulations, community concerns, and political activism against fossil fuels can also lead to increased operating costs, litigation, and reputational damage.
  3. Capital Project Execution and Cost Overruns: Western Midstream frequently undertakes large-scale capital projects to expand its infrastructure, such as new pipelines, processing plants, and gathering systems. These projects involve significant capital investment and complex technical requirements. Risks include construction cost overruns, delays in project completion, difficulties in securing materials due to supply chain disruptions, and challenges in obtaining necessary regulatory approvals and rights-of-way. Such issues can adversely affect project economics and the company's ability to realize anticipated returns on its investments.

AI Analysis | Feedback

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AI Analysis | Feedback

Western Midstream Partners (WES) operates in various segments of the midstream energy market across the United States, including natural gas, natural gas liquids (NGLs), crude oil, and produced water services. The addressable markets for their main products and services, primarily within the U.S. where they operate, are as follows:

  • Natural Gas, Natural Gas Liquids (NGLs), and Crude Oil Midstream Services (Gathering, Compressing, Treating, Processing, Transporting, Stabilizing, Buying, and Selling): The overall United States Midstream Oil and Gas Market, which encompasses the infrastructure and services for transportation, storage, wholesale marketing, and processing of crude oil, natural gas, and refined petroleum products, is projected to grow from approximately USD 20.78 billion in 2025 to USD 25.96 billion by 2031.
  • Crude Oil Pipelines and Midstream Services: Specifically for crude oil, the U.S. Crude Oil Pipelines and Midstream Services Industry is expected to reach approximately USD 97.46 billion by 2030.
  • Natural Gas Liquids (NGLs): The global Natural Gas Liquids Market size was USD 16.3 billion in 2025 and is estimated to reach USD 29.4 billion by the end of 2035. North America is anticipated to hold the second-largest share of this global market.
  • Produced Water Gathering and Disposal: The U.S. Midstream Water Market for oil and gas, which includes supply, transport, storage, treatment, and disposal of water, is projected to total US$156 billion between 2025 to 2030, averaging over US$26 billion per year. Within the Permian Basin, a key operational area for Western Midstream Partners, the market for the disposal and treatment of produced water alone is approximately $12 billion.

AI Analysis | Feedback

Western Midstream Partners (WES) is poised for future revenue growth over the next 2-3 years, driven by strategic expansions and increased throughput in its core operating regions and services. Key drivers include:

  1. Delaware Basin Organic Expansion: The Delaware Basin is expected to remain the primary engine for throughput growth across natural gas, crude oil, and natural gas liquids (NGLs). Western Midstream Partners is undertaking multi-year expansions in the basin, targeting associated gas from Occidental Petroleum and other operators. Significant projects contributing to this growth include the Mentone 4 cryogenic plant, which became fully operational in early 2025, adding 250 million cubic feet per day (MMcf/d) of capacity. Furthermore, the sanctioning of the North Loving II cryogenic processing unit, also with 250 MMcf/d capacity and expected in service by the second quarter of 2027, will increase total Delaware Basin processing capacity by approximately 19%. Management anticipates low-to-mid single-digit average year-over-year growth in crude oil, NGLs, and natural gas throughput in the Delaware Basin for 2026.

  2. Produced Water Infrastructure Growth: A substantial driver of future revenue is the expansion of Western Midstream Partners' produced water services. The acquisition of Aris Water Solutions in late 2025 significantly boosted WES's capabilities, positioning it as the second-largest water midstream operator in the Permian Basin. This acquisition is projected to be a major contributor, with produced water throughput in the Delaware Basin expected to increase by over 80% in 2026. Additionally, the company has sanctioned the Pathfinder pipeline, a 30-inch, 42-mile long-haul pipeline designed to transport over 800 thousand barrels per day (MBbls/d) of produced water. This $400-$450 million investment, expected to be in service by January 1, 2027, is underpinned by long-term fixed-fee contracts with Occidental and is designed to accommodate substantial growth from additional customers.

  3. Powder River Basin Expansion: Western Midstream Partners expanded its presence in the Powder River Basin through the $885 million acquisition of Meritage Midstream in late 2023. In 2025, the company announced a $150 million capital program to further expand gathering and compression at Meritage, aligning with the development of longer laterals and higher-pressure wells in Wyoming, thereby boosting gathering and processing volumes.

  4. Third-Party Volume Capture: A core component of WES's growth strategy is to enhance its market position by capturing additional third-party volumes beyond its anchor customer, Occidental Petroleum. This involves expanding integrated service intensity from gathering through processing to NGL/crude takeaway and leveraging existing infrastructure to attract new producers. This focus on customer diversification and commercial wins is aimed at increasing overall throughput and revenue.

AI Analysis | Feedback

Western Midstream Partners (WES) has made several capital allocation decisions over the last 3-5 years, focusing on returning capital to unitholders, strategic acquisitions, and investing in its midstream infrastructure.

Share Repurchases

  • Western Midstream Partners authorized a unit buyback program of up to $1.0 billion through December 31, 2024, which was increased to $1.250 billion on November 1, 2022.
  • Since September 2020, the company repurchased approximately $1.2 billion in common units, representing about 15% of the total unaffected unit count.
  • In 2025, WES returned over $1.4 billion to unitholders, which included distributions and repurchases.

Share Issuance

  • In October 2025, WES issued approximately 26.6 million common units in conjunction with the acquisition of Aris Water Solutions, Inc.
  • The number of common units outstanding increased from 380,556,643 at December 31, 2024, to 408,141,366 at December 31, 2025.
  • Western Midstream renegotiated natural gas gathering and processing contracts with Occidental and ConocoPhillips, which involved Occidental exchanging $610 million in WES units for a simplified, fixed-fee structure.

Outbound Investments

  • In October 2025, Western Midstream acquired Aris Water Solutions, Inc. for a total value of $2.0 billion, significantly enhancing its water infrastructure capabilities in the Delaware Basin.
  • In 2023, Western Midstream expanded its Powder River Basin footprint through the acquisition of Meritage Midstream.
  • In 2022, WES acquired the remaining 50% interest in the Ranch Westex JV for $41.0 million, adding 125 MMcf/d of natural gas processing capacity in its West Texas complex, and also divested its 15% interest in Cactus II for $265 million.

Capital Expenditures

  • Total capital expenditures for the full year 2025 were $721.8 million.
  • For 2026, Western Midstream Partners has provided capital expenditure guidance ranging between $850.0 million and $1.000 billion, with a midpoint of $925 million.
  • The primary focus of these capital expenditures is on growth projects such as the Pathfinder pipeline and North Loving II natural gas processing train, particularly in the Delaware and DJ Basins, aiming to support mid-single-digit EBITDA growth.

Better Bets vs. Western Midstream Partners (WES)

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Peer Comparisons

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Financials

WESETTRGPMPLXOKEKMIMedian
NameWestern .Energy T.Targa Re.MPLX ONEOK Kinder M. 
Mkt Price--280.22-91.8332.3891.83
Mkt Cap16.866.560.2-57.972.060.2
Rev LTM4,05092,28716,56211,39335,20417,52417,043
Op Inc LTM1,6099,8003,6354,6145,9955,0144,814
FCF LTM1,3403,6152623,8942,2423,1822,712
FCF 3Y Avg1,2765,5254134,3882,4263,3112,868
CFO LTM2,16210,6103,7026,0105,6296,2465,820
CFO 3Y Avg2,06310,4133,4495,7914,8746,0675,332

Growth & Margins

WESETTRGPMPLXOKEKMIMedian
NameWestern .Energy T.Targa Re.MPLX ONEOK Kinder M. 
Rev Chg LTM11.4%12.5%1.1%1.8%41.0%13.1%11.9%
Rev Chg 3Y Avg8.0%1.8%-6.2%2.5%21.3%-1.4%2.2%
Rev Chg Q22.5%32.1%-10.2%-2.8%19.6%13.8%16.7%
QoQ Delta Rev Chg LTM5.4%7.9%-2.7%-0.7%4.7%3.5%4.1%
Op Inc Chg LTM3.5%5.3%39.8%0.9%14.0%17.7%9.7%
Op Inc Chg 3Y Avg8.2%6.8%18.0%0.7%18.9%6.0%7.5%
Op Mgn LTM39.7%10.6%21.9%40.5%17.0%28.6%25.3%
Op Mgn 3Y Avg41.7%10.9%17.6%40.6%19.7%28.1%23.9%
QoQ Delta Op Mgn LTM-0.4%-0.3%2.4%-1.0%-0.3%0.8%-0.3%
CFO/Rev LTM53.4%11.5%22.4%52.8%16.0%35.6%29.0%
CFO/Rev 3Y Avg56.6%12.3%21.1%52.5%19.3%37.8%29.4%
FCF/Rev LTM33.1%3.9%1.6%34.2%6.4%18.2%12.3%
FCF/Rev 3Y Avg34.9%6.6%2.5%39.9%9.9%20.7%15.3%

Valuation

WESETTRGPMPLXOKEKMIMedian
NameWestern .Energy T.Targa Re.MPLX ONEOK Kinder M. 
Mkt Cap16.866.560.2-57.972.060.2
P/S4.20.73.6-1.64.13.6
P/Op Inc10.56.816.6-9.714.410.5
P/EBIT10.16.616.5-9.014.410.1
P/E13.815.228.2-16.421.716.4
P/CFO7.86.316.3-10.311.510.3
Total Yield16.0%6.6%5.0%-10.6%8.2%8.2%
Dividend Yield8.7%0.0%1.4%-4.5%3.6%3.6%
FCF Yield 3Y Avg8.4%9.3%1.1%-4.8%5.9%5.9%
D/E0.51.10.3-0.60.40.5
Net D/E0.51.10.3-0.60.40.5

Returns

WESETTRGPMPLXOKEKMIMedian
NameWestern .Energy T.Targa Re.MPLX ONEOK Kinder M. 
1M Rtn--8.4%-8.0%2.5%8.0%
3M Rtn6.2%3.8%21.1%-0.8%9.7%3.5%5.0%
6M Rtn8.3%14.9%52.9%1.1%27.2%18.0%16.5%
12M Rtn17.2%20.9%75.5%16.2%20.5%24.4%20.7%
3Y Rtn99.3%86.5%271.3%97.8%61.2%111.8%98.6%
1M Excs Rtn--8.3%-7.9%2.4%7.9%
3M Excs Rtn0.2%-1.6%16.0%-6.8%5.3%-3.3%-0.7%
6M Excs Rtn-2.3%7.3%44.5%-9.0%18.4%9.8%8.6%
12M Excs Rtn-5.2%0.0%48.3%-4.3%-2.9%1.7%-1.5%
3Y Excs Rtn34.7%23.4%217.1%33.6%1.5%52.4%34.1%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Service revenues - fee based3,4533,2482,7692,6022,463
Product sales195140145399291
Service revenues - product based194216192250123
Other21111
Lease revenue   0 
Total3,8433,6053,1063,2522,877


Price Behavior

Price Behavior
Market Price$42.16 
Market Cap ($ Bil)16.8 
First Trading Date05/09/2008 
Distance from 52W High-1.9% 
   50 Days200 Days
DMA Price$40.46$38.07
DMA Trendupindeterminate
Distance from DMA4.2%10.7%
 3M1YR
Volatility19.4%19.1%
Downside Capture-319.9715.15
Upside Capture97.7235.91
Correlation (SPY)12.1%10.8%
WES Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.00-0.080.030.150.54
Up Beta0.06-0.19-0.31-0.060.49
Down Beta0.190.440.230.69
Up Capture0%-5%0%12%21%28%
Bmk +ve Days11244067140429
Stock +ve Days001249115387
Down Capture-0%-0%-25%-15%14%66%
Bmk -ve Days10172358112321
Stock -ve Days01113594319

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WES
WES14.1%19.3%0.75-
Sector ETF (XLE)39.5%20.9%1.4946.1%
Equity (SPY)20.3%12.6%1.1912.1%
Gold (GLD)21.6%28.1%0.69-0.4%
Commodities (DBC)31.4%19.1%1.3015.7%
Real Estate (VNQ)15.0%14.0%0.7624.0%
Bitcoin (BTCUSD)-44.6%42.9%-1.253.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WES
WES25.4%29.0%0.83-
Sector ETF (XLE)21.6%25.9%0.7560.0%
Equity (SPY)12.9%17.1%0.5841.6%
Gold (GLD)17.3%18.4%0.7610.5%
Commodities (DBC)8.9%19.5%0.3537.8%
Real Estate (VNQ)2.9%18.9%0.0535.3%
Bitcoin (BTCUSD)14.9%53.4%0.4617.9%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with WES
WES10.0%46.8%0.40-
Sector ETF (XLE)9.9%29.5%0.3763.1%
Equity (SPY)15.2%17.9%0.7243.3%
Gold (GLD)11.2%16.1%0.573.5%
Commodities (DBC)7.2%17.9%0.3238.1%
Real Estate (VNQ)5.1%20.7%0.2138.5%
Bitcoin (BTCUSD)58.7%66.2%0.9914.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity7.7 Mil
Short Interest: % Change Since 6152026-11.0%
Average Daily Volume1.2 Mil
Days-to-Cover Short Interest6.7 days
Basic Shares Quantity399.1 Mil
Short % of Basic Shares1.9%

Earnings Returns History

Updated 6/11/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/20252.4%6.2%7.1%
8/6/2025-4.7%-4.1%-5.7%
5/7/20251.9%10.9%6.2%
2/26/2025-1.2%-5.2%1.5%
11/6/2024-3.2%-4.6%4.4%
8/7/20241.1%-3.4%-3.4%
5/8/20242.7%7.0%7.7%
2/21/202411.3%10.7%15.9%
...
SUMMARY STATS   
# Positive101214
# Negative12108
Median Positive2.6%6.6%6.7%
Median Negative-2.8%-4.3%-6.0%
Max Positive22.4%35.2%66.6%
Max Negative-5.8%-9.3%-18.9%
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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/20252.4%6.2%7.1%
8/6/2025-4.7%-4.1%-5.7%
5/7/20251.9%10.9%6.2%
2/26/2025-1.2%-5.2%1.5%
11/6/2024-3.2%-4.6%4.4%
8/7/20241.1%-3.4%-3.4%
5/8/20242.7%7.0%7.7%
2/21/202411.3%10.7%15.9%
11/1/20235.4%1.1%10.0%
8/8/2023-2.1%-3.2%-7.6%
5/3/2023-2.4%-0.2%1.2%
2/22/2023-3.4%-6.8%-9.6%
11/2/2022-0.3%-5.3%1.6%
8/3/2022-5.8%0.9%-0.6%
5/10/20220.2%9.9%17.8%
2/23/2022-4.2%4.3%-0.8%
11/9/2021-0.1%1.0%-6.3%
8/9/20212.3%4.7%6.3%
5/10/2021-3.2%-0.9%0.7%
2/23/20217.0%11.2%8.5%
11/9/202022.4%35.2%66.6%
8/10/2020-2.5%-9.3%-18.9%
SUMMARY STATS   
# Positive101214
# Negative12108
Median Positive2.6%6.6%6.7%
Median Negative-2.8%-4.3%-6.0%
Max Positive22.4%35.2%66.6%
Max Negative-5.8%-9.3%-18.9%

SEC Filings

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Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/04/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/21/202410-K
09/30/202311/01/202310-Q
06/30/202308/08/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
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Report DateFiling DateFiling
03/31/202605/06/202610-Q
12/31/202502/18/202610-K
09/30/202511/04/202510-Q
06/30/202508/06/202510-Q
03/31/202505/07/202510-Q
12/31/202402/26/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/08/202410-Q
12/31/202302/21/202410-K
09/30/202311/01/202310-Q
06/30/202308/08/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/10/202210-Q
12/31/202102/23/202210-K
09/30/202111/09/202110-Q
06/30/202108/09/202110-Q
03/31/202105/10/202110-Q
12/31/202002/26/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/05/202010-Q
12/31/201902/27/202010-K
09/30/201911/04/201910-Q
06/30/201907/31/201910-Q
Core Cache Last Updated: 7/21/2026