What is the 13F Pro Quality Score for WES?

13F Pro ranks Western Midstream Partners, LP (WES) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View WES's current score at https://13fpro.ai/research/WES (free sign-up required for the full ranking).

Which hedge funds own the most WES stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of WES include ALPS ADVISORS, Invesco Ltd., MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/WES as soon as new 13F filings post.

Where does 13F Pro source WES data?

All Western Midstream Partners, LP fundamentals and ownership data come directly from SEC EDGAR. Western Midstream Partners, LP files with the SEC under CIK 1423902. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is WES in?

Western Midstream Partners, LP (WES) is classified in the Energy sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/energy.

What drives WES's revenue?

Per Western Midstream Partners, LP's latest 10-Q filed with the SEC on 2026-05-06, the biggest revenue drivers are: Service revenues – fee based ($933.3M, +13% YoY); Product sales and other service revenues ($188.4M, +101% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/WES.

What are WES's largest expenses?

Western Midstream Partners, LP's latest 10-Q reports these as the largest expense items: Operation and maintenance ($264.2M, +17% YoY); Cost of product ($102.9M, +148% YoY); Depreciation and amortization ($200.4M, +18% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is WES research updated on 13F Pro?

WES's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

Western Midstream Partners, LP(WES)Stock Analysis

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13F Pro Quality Score

78.1/100

Rank #70 of 2,879 stocksTOP 5%

View Energy peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

69.5/100

Profitability

89.5/100

Balance Sheet

84.6/100

Earnings Quality

40.5/100

Free Cash Flow

93.4/100

Institutional Flow

80.1/100

Revenue Scale

74.2/100

Dilution Risk

49.8/100

WES Stock Analysis & AI Quality Score

AI stock analysis and institutional research for Western Midstream Partners, LP (WES), a Energy sector company. 13F Pro's AI-powered ranking engine scores WES at 78.1/100 on a 32-signal composite quality model, placing it at rank #70 of 2,879 stocks — the top 5% of the AI-ranked universe. WES scores in the top quartile across free cash flow (93.4), profitability (89.5), balance sheet strength (84.6). Shareholder dilution risk is elevated at 49.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), Western Midstream Partners, LP reports quarterly revenue of $1.1B, net income of $350.3M, an operating margin of 41.8%. Top institutional holders of WES by reported 13-F value include ALPS ADVISORS, Invesco Ltd., MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd., based on the most recent SEC filings. WES trades on the NYSE exchange and files with the SEC under CIK 1423902. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate WES daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Western Midstream Partners, LP directly from SEC EDGAR. Western Midstream Partners, LP's 13F Pro composite quality score has ranged between 74 and 78 since 2024, currently 78.1 — an improving long-term trajectory across 15 quarterly and live scoring snapshots.

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Fun facts about Western Midstream Partners, LP

Quirks, history, and lore behind WES — the kind of stuff that makes a stock memorable.

1
The Basics
U.S. midstream energy company · structured as a master limited partnership · listed on the NYSE · headquartered in Texas.
2
The Numbers
Operates roughly 15,000 miles of pipelines and generates annual revenue in the multi-billion dollar range — the kind of steady toll-road cash flows MLP investors dream about.
3
The History
Formed in the late 2000s as a sponsored partnership, it was carved out of a major oil and gas producer to handle that parent's gathering, processing, and transportation needs.
4
The Secret
Its majority owner and sponsor is one of the largest U.S. oil and gas companies — meaning this partnership's fortunes are tightly tethered to a single corporate parent that controls most of its volumes.
5
The Lore
It gathers and processes natural gas and NGLs across basins including the DJ, Delaware, and Powder River — essentially acting as the plumbing system for its parent's upstream production.
6
The Giveaway
Ticker WES, sponsored and majority-owned by Occidental Petroleum — this partnership is the western midstream workhorse keeping Oxy's molecules moving.

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What's Driving WES's Business? Latest 10-Q Breakdown

✓ 36/36 datapoints verified

AI-extracted from Western Midstream Partners, LP's 10-Q filed 2026-05-06 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Q1 2026 total revenues of $1.124B (+22% YoY) driven by Aris acquisition and higher produced-water volumes; net income $359M (+13% YoY).

Biggest Revenue Drivers

Total revenue: $1,123.6M+22% YoY

Service revenues – fee based$933.3M+13% YoY

Higher throughput at DBM water systems from Aris acquisition and West Texas complex; annual cumulative catch-up adjustments at Springfield and DJ Basin systems.

Product sales and other service revenues$188.4M+101% YoY

Increased net volumes sold and higher average prices at West Texas complex; skim-oil volumes from Aris acquisition with higher prices.

Largest Expense Items

Operation and maintenance$264.2M+17% YoY

Aris acquisition added $54.6M; increases in salaries, wages, utility and land-related costs.

Cost of product$102.9M+148% YoY

Higher NGLs and skim-oil purchases from Aris acquisition and increased volumes at West Texas and DJ Basin complexes.

Depreciation and amortization$200.4M+18% YoY

Aris acquisition added $26.3M in depreciation; intangible assets amortized over 19-year period.

Interest expense$113.4M+17% YoY

New senior notes issued Q4 2025 ($15.9M increase) and Aris assumed debt ($7.6M increase).

Margins: Adjusted Gross Margin increased to $990.7M (+15% YoY) driven by Aris acquisition and higher throughput volumes, particularly in produced-water assets. Per-unit margins improved: natural-gas $1.32/Mcf (+1% YoY), crude/NGLs $3.07/Bbl (-3% YoY), produced-water $0.90/Bbl (-4% YoY, reflecting Aris's lower-than-average margins). Adjusted EBITDA grew 15% to $683.1M.

Watch Items from the Filing

Occidental-related revenues represented 50% of total revenues ($561.5M); Occidental owns general partner plus 37.3% of common units. Natural-gas throughput from Occidental production 33%, crude-oil/NGLs 92%, produced-water 38%.
Outstanding debt carrying value $8.6B; 4.650% Senior Notes due 2026 ($440.5M) classified as short-term; effective RCF capacity $2.0B with no outstanding borrowings.
Pending $1.6B Brazos Delaware acquisition announced May 6, 2026 (second quarter close expected); requires $800M equity issuance and $800M cash funded via RCF/commercial paper.
Delaware Basin Midstream amended gas-gathering agreement with Occidental replacing cost-of-service fees with fixed fees and new 2027 minimum-volume commitment; enabled $610M WES unit redemption with Occidental.
Solaris Water (Aris subsidiary) defendant in saltwater injection negligence suit in Loving County, Texas; trial scheduled September 14, 2026.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.1B

Net Income

Q1 2026

$350.3M

Free Cash Flow

Q1 2026

$469.9M

Operating Margin

Q1 2026

41.8%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+18.2% YoY

$3.84BFY 2025

FY20 $2.77BFY21 $2.88BFY22 $3.25BFY25 $3.84B

Net Income

-3.0% YoY

$1.18BFY 2025

FY20 $527.0MFY21 $916.3MFY22 $1.22BFY25 $1.18B

Operating Income

+0.9% YoY

$1.60BFY 2025

FY20 $878.9MFY21 $1.34BFY22 $1.59BFY25 $1.60B

Total Assets

+33.1% YoY

$15.00BFY 2025

FY20 $11.83BFY21 $11.27BFY22 $11.27BFY25 $15.00B

Total Debt

+27.4% YoY

$8.64BFY 2025

FY20 $7.85BFY21 $6.91BFY22 $6.79BFY25 $8.64B

Op. Cash Flow

+30.6% YoY

$2.22BFY 2025

FY20 $1.64BFY21 $1.77BFY22 $1.70BFY25 $2.22B

Metric	FY 2025	FY 2022	FY 2021	FY 2020	FY 2015	FY 2014
Revenue	$3.84B +18.2%	$3.25B +13.0%	$2.88B +3.8%	$2.77B +58.2%	$1.75B +14.3%	$1.53B
Net Income	$1.18B -3.0%	$1.22B +32.8%	$916.3M +73.9%	$527.0M +218.4%	$165.5M -42.5%	$288.0M
Operating Income	$1.60B +0.9%	$1.59B +18.8%	$1.34B +52.0%	$878.9M +470.0%	$154.2M -72.0%	$551.5M
Total Assets	$15.00B +33.1%	$11.27B -0.0%	$11.27B -4.7%	$11.83B +61.6%	$7.32B +5.2%	$6.96B
Total Debt	$8.64B +27.4%	$6.79B -1.8%	$6.91B -12.1%	$7.85B +190.1%	$2.71B +11.7%	$2.42B
Operating Cash Flow	$2.22B +30.6%	$1.70B -3.7%	$1.77B +7.9%	$1.64B +109.2%	$782.8M	—

AI Insight: WES Financial Trends

Western Midstream delivered strong revenue growth of 23% year-over-year in Q1 2026, but debt surged $2.7B in Q4 2025.

• Revenue climbed from $917M in Q1 2025 to $1,124M in Q1 2026, marking 23% year-over-year growth.

• Operating income recovered from $306M trough in Q4 2025 to $469M in Q1 2026.

• Total debt jumped from $6,937M in Q3 2025 to $8,644M in Q4 2025, an increase of $1.7B.

⚠ Operating cash flow declined from $570M in Q3 2025 to $470M in Q1 2026 despite revenue growth.

⚠ Net income volatility with sharp drop to $191M in Q4 2025 before rebounding to $350M.

AI Insight: WES Ratio Trends

WES suffered a sharp profitability collapse in Q4 2025 with operating margin plunging from 46.4% to 29.6%, though Q1 2026 shows partial recovery.

• Operating margin crashed from 46.4% in Q3 2025 to 29.6% in Q4 2025, recovering partially to 41.8% in Q1 2026.

• ROIC fell from 25.5% in Q3 2025 to 14.1% in Q4 2025, then rebounded to 21.7% in Q1 2026.

• Net profit margin dropped from 35.7% in Q3 2025 to 18.5% in Q4 2025 before recovering to 31.2% in Q1 2026.

⚠ Current profitability metrics remain below pre-Q4 2025 levels despite Q1 2026 recovery, indicating potential ongoing headwinds.

⚠ The severity of Q4 2025's margin compression suggests vulnerability to operational or commodity-driven volatility.

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Available Research

13F Pro tracks comprehensive data for Western Midstream Partners, LP including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of WES

ALPS ADVISORS INC
$1.6B38,637,354 sh
Invesco Ltd.
$990.0M24,047,585 sh
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.
$365.2M8,869,816 sh
TORTOISE CAPITAL ADVISORS, L.L.C.
$361.5M8,779,628 sh
GOLDMAN SACHS GROUP INC
$360.6M8,758,512 sh
Blackstone Inc.
$360.5M8,755,422 sh
Neuberger Berman Group LLC
$258.7M6,283,710 sh
MORGAN STANLEY
$187.3M4,550,365 sh
KAYNE ANDERSON CAPITAL ADVISORS LP
$161.3M3,918,091 sh
UBS Group AG
$153.2M3,722,238 sh

Fund	Value	Shares
ALPS ADVISORS INC	$1.6B	38,637,354
Invesco Ltd.	$990.0M	24,047,585
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$365.2M	8,869,816
TORTOISE CAPITAL ADVISORS, L.L.C.	$361.5M	8,779,628
GOLDMAN SACHS GROUP INC	$360.6M	8,758,512
Blackstone Inc.	$360.5M	8,755,422
Neuberger Berman Group LLC	$258.7M	6,283,710
MORGAN STANLEY	$187.3M	4,550,365
KAYNE ANDERSON CAPITAL ADVISORS LP	$161.3M	3,918,091
UBS Group AG	$153.2M	3,722,238

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Is WES a good stock to buy?

13F Pro's AI-powered analysis of Western Midstream Partners, LP (WES) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Energy sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for WES are available on the WES stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own WES?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling WES. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of Western Midstream Partners, LP's investment landscape.